The Global Process Spectroscopy Market is estimated to reach USD 29.07 billion by 2025 according to a new report by Hexa Reports. The surging demand from the pharmaceutical industries, to undertake advanced research and development, is leading to the implementation of various spectroscopy methodologies across the sector, at a considerable rate over the forecast period.
The technology is anticipated to witness high growth owing to rising quality awareness among industries. The increasing importance of reducing operational expenditure is anticipated to drive the demand of these instruments during the forecast period. Furthermore, the significant R&D activities are carried out which has led to the development of various drug discoveries. The drug discoveries in the sector have resulted in the emergence of effective remedies over a number of diseases and disabilities across the world.
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The uninterrupted rising demand for spectroscopic techniques and related equipment installations across the globe is expected to drive the significant growth of overall market over the forecast period.
The technological advancements, demands matching international quality standards, such as ISO or Six Sigma, and the cost & time-saving approaches of companies have increased the adoption of process spectroscopic instruments. The increasing availability of fake or non-standard products in the market has mandated government globally to educate masses about quality products and quality standards.
Molecular spectroscopy is a technology widely adopted across different application sectors which include pharmaceuticals, food & agriculture. Therefore, accounts for the maximum share in 2015 and is anticipated to maintain the dominance, growing at a steady pace over the projected period.
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Additionally, the Raman spectroscopy is gaining popularity across the agricultural sector owing to its ability to allow non-destructive extraction of chemicals and physical information about the samples, helping to the rapid analysis. Hence, these advantages of spectroscopic techniques are attracting the added application across the food & agricultural sector, eventually fostering the global process spectroscopy market.
Although,the high capital investment required for implementing spectroscopic equipment have forced industry players to pass the cost to consumers, thereby increasing the prices of process spectroscopic instruments. However, the emergence of cost-effective technologies over the forecast period is expected to lead to the reduction of prices of process spectroscopic products.
Further key findings from the report suggest:
The growth of the process spectroscopy market can be attributed to the significant adoption of the molecular spectroscopy technology segment
Various law enforcing authorities and government regulations imposed for the betterment of product quality in the food & agriculture sector, has led to the manufacturing & packaging industries to adopt measures to meet the imposed specifications
The adoption of various spectroscopic techniques is growing and expected to witness significant growth over the forecast year in the pharmaceutical and food & agriculture segments
The molecular spectroscopy and pharmaceutical application segments are dominating the overall process spectroscopy market, contributing for the maximum share in 2015
Asia Pacific region is expected to witness a stringent growth, capturing the market over the forecast period
The key industry participants include ABB Group, Buchi Labortechnik AG, Danaher Corporation, Shimadzu Corporation, and Sartorius AG
The prominent strategies followed by the competent players include signing partnerships or distribution agreements, mergers, and acquisitions along with enriching their portfolios by involving in intense R&D practices
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